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ZEIDMAN LAW OFFICES
200-215 Jardin Drive
Concord, ON L4K 1X5
Tel: (905) 669-7577
Fax: (905) 669-5525
e-mail: office@homeslawyer.com
Buyers' Legal Basics
Title Insurance
Title Insurance Basics
Title insurance is an alternative to a lawyer’s Letter of Opinion. You can buy a title insurance policy to protect yourself against losses suffered as a result of title (ownership) problems. A typical title insurance policy costs between $150.00 and $250.00, which is a one-time premium giving you protection for as long as you own your home. Your lawyer still must search title to the property and certify the condition of title to the title insurer before a policy will be issued. However searches can be streamlined, and thus some search costs can be avoided to help subsidize the cost of the policy. In some cases, the price of the policy can be included in your overall legal expenses at no extra cost given the costs of searches that can be waived.
Title Insurance Benefits
When we handle your transaction, we arrange to have a title insurance policy issued on your behalf. Some of the major benefits of the policy are as follows:
Cost Deferrals. Some title insurance companies offer buyers an option to postpone their closing costs (e.g. legal fees, land transfer tax, title insurance policy premium, etc.) for up to six months after the closing date
Additional Warranties. Some title insurance companies offer buyers an option to purchase warranties on appliances that they are purchasing with their homes.